We can't keep kicking the pension can down the road, Pension Tsunami's Jack Dean says. "The...

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Stone Fox Capital Comments (4573)
 
Amen!
1 Jul 2010, 05:56 PM Reply Like

Neil459 Comments (2640)
 
Oh, yes the Administration can! Obama wants every one dependent on his government. Once this happens, he will be able to set aside the Constitution and assume his destiny as King. The man has no consideration or even knowledge of the destruction he is causing. Why, because he never learned about capitalism, freedom, and our American history. Its no longer taught in school and most of his voters never learned it either.
1 Jul 2010, 05:58 PM Reply Like

brodwayjoe Comment (1)
 
Oh, Learned one please make us, the heathens, wise so that we might empower ourselves to comprehend the rare gems of purest ray serene that blush unseen in your vast repertoire !!
1 Jul 2010, 06:07 PM Reply Like

kcr357 Comments (509)
 
I think that would be a futile task.
1 Jul 2010, 10:44 PM Reply Like

Neil459 Comments (2640)
 
kcr357, in the end, it probably is futile, lets all hope anyway. However, in the short term it will allow a huge power grab by a bunch of elitists. Its only when the power grab has proven a disaster will the media wake up and start informing the public about what a colossal failure the Chicago machine has been.
2 Jul 2010, 09:42 AM Reply Like

The Geoffster Comments (3701)
 
We have condemned ourselves to wage slavery by allowing our politicians to be all things to all people with our money and our debt. I doubt there are many Tea Party members in the public sector. There will be screaming when the hair cuts begin but I fear we will all be scalped.
1 Jul 2010, 06:01 PM Reply Like

Paul Nelson Comments (225)
 
Hey since we cover their med benefits, how about letting us 50 somethings buy into medicare-oh no, that would be socialism!
1 Jul 2010, 06:01 PM Reply Like

TeresaE Comments (3050)
 
Michigan is ground zero for what happens when.

The public, and auto - now public too - sector employees are becoming the only ones able to retire. Or able to have summer homes and large toys.

While I am forced to pay ever increasing amounts for basic things like my health insurance and taxes, thus making it nearly impossible to save for any retirement.

I came to the conclusion a few years back, I won't ever get a dime of social security which will have equated to a 15.3% left of every dime I've ever earned for life. Plus, it will take a miracle to be able to afford to save that much and someday hope to quit working.

Meanwhile, in government union employee land, things are great and the living is getting easier.

Once the War bill is passed with the amendment to unionize every cop & firefighter in the country, the rest of you will soon see what it is like in states where public sector workers are privileged while the rest of us toil. It ain't fun.
1 Jul 2010, 06:07 PM Reply Like

1980XLS Comments (2115)
 
As the public sector grows and the private sector shrinks as a result,
where will the money come from to fund the public sector?

Greece. the Sequel.
1 Jul 2010, 06:08 PM Reply Like

Poor Texan Comments (3489)
 
As a result of the increased largess toward public employees, more people desiring a better standard of living will favor moving into the public sector. Meanwhile, the private sector will wither as, in spite of the I.R.S.'s efforts, more independent minded people will move into the underground economy. When we reach the point that the government employees are paying the bulk of the taxes, there might be an awakening. But that will be way too late.
1 Jul 2010, 06:11 PM Reply Like

1980XLS Comments (2115)
 
What about the 65% or so that the public employees get to keep in their take home pay?

I think the machine might break down long before income tax receipts from public employees even equals, let alone exceeds that of those from the private sector.
1 Jul 2010, 06:16 PM Reply Like

The Geoffster Comments (3701)
 
" When we reach the point that the government employees are paying the bulk of the taxes, there might be an awakening."
Now that's an idea.
1 Jul 2010, 06:40 PM Reply Like

elliotz Comments (251)
 
All I can say is something is out of whack when the majority of the private work force would kill for the pay and benefits and hours public workers have. If you open public jobs to a free market those wages and benefits would go down and the quality of work would improve. It is artificially being held in place and not sustainable, we will have to pay the piper at some point and the longer we wait and procrastinate the worse it will get.
1 Jul 2010, 08:42 PM Reply Like

mattdaddy Comments (52)
 
Unfortunately the public sector retirees are being paid by the taxes of the public in general. Show me one person who retains their same annual salary when he retires from the private sector, while the public retiree retains his until they die. How is this fair? Police chiefs, firemen, state and local government workers all get the same, but the average Joe gets shanked by the social security system and pays to keep those who get their continued salaries long after they leave their posts.
1 Jul 2010, 08:55 PM Reply Like

davidreid59 Comments (26)
 
actually, in North Carolina firefighters retire at 30 years and draw 51% of their pay. also they pay 7 percent of their salary for 30 years in order to get this. You are a brilliant though the way you lump everyone together and see cops, firefighters and teachers as somehow cheaters. Bankers, and politicians, caused the problems we have now, not cops, firefighters and teachers. Get a grip.
1 Jul 2010, 11:43 PM Reply Like

Ohrama Comments (451)
 
For many questions (with possible answers given) in the comments posted above, possibilities can be deduced by looking at countries like India (Circa 1950 - 2000). Even when India had a huge unemployment, the folks in governments and other unionized jobs were patronized by the politicians for their ability to deliver the votes in bulk. The politicians tried to get their guys in the top union leadership positions. Public glamored for government jobs because of 1) the security it provided, 2) the ability to doze off in the job, and 3) the ability to take bribes for their normal jobs (do you want a driver's license without taking the test, you can get one for under the table donation!). Of course, to get that government job, you need to bribe the politician / ministers / senior government officials (the bribe seems to run like a persons 5 years worth of salary - so, it is obvious he is hoping to make it up through bribes etc.). Of course, they are the only ones paying the bulk of the tax (if they earn enough!) since rest of the dealings have gone underground or use a form of double accounting!
I thought I ran away (some 40 years ago) from all these to be in a true capitalist / free market system only to find that I or my children will end up living in that kind of corrupt system again.
1 Jul 2010, 09:03 PM Reply Like

dcc12 Comments (8)
 
" I doubt there are many Tea Party members in the public sector. "...Your probably right, but I'm sure most of their children attend public school.
1 Jul 2010, 09:10 PM Reply Like

1980XLS Comments (2115)
 
And, what's your point? They probably pay taxes to fund Union Teachers with salaries, benefits and accountability exceeding their own in their professions.

Yet, if one does not like a restaurant, you don't have to patronize that establishment.
But if you think the school sucks, you can't take your money and go elsewhere.

Big Fundamental Problem!
1 Jul 2010, 09:21 PM Reply Like

dcc12 Comments (8)
 
Taxes? Please....In Florida Union presence is non exsistent, and the cost to the state for a student attending public school is around 7,000 dollars, throw in the bus ride and its another 2 or 3(thousand). I doubt most families with two kids are paying anywhere near that in property taxes.....I doubt most families even pay that in total taxes. Your right there is definitely a big fundamental problem!
Floridas teacher starting salaries 34000
Bus drivers 15000
Im not a teacher or goverment employee
1 Jul 2010, 10:06 PM Reply Like

Belisarius Comment (1)
 
While these comments are true of some lucky government employess, many others have seen their purchasing power decline each year, but have stayed becaused of the promised pension, It is not their fault that pensions are not required to be fully funded. Many will never collect those pensions. Now they are to be viewed as fat cats and envied? Most are just a slightly better off (for now) class of victim. It might be better to go after those who engineered this mess, rather than promote battles between victim classes
1 Jul 2010, 10:26 PM Reply Like

TeresaE Comments (3050)
 
My staff was pared to one employee.

She took a 20% paycut and is losing her health insurance in August (thanks to the 2nd year over year increase of 35%). She has been laid off a couple times and delegated to unemployment over the past year.

My husband and I, while paying nearly $100,000 in combined state, local and employment taxes, did not draw paychecks for two years and actually qualified for the earned income credit two years in a row.

When the public sector employees start feeling that type of pain I will feel sorry for them.

But my two sister-in-laws, both of whom work less than 37 hours a week and both get at a minimum 2 months paid off annually, both have $5 co-pays, no pay in for insurance AND make in excess of $70k annually.

Tell me again how they are suffering compared to the rest of us?

And, praytell, do you believe (like they do) that the EMPTY homes and commercial buildings are going to continue to pay their taxes forever and ever to support the public sector?

Good luck with that.
1 Jul 2010, 11:31 PM Reply Like

TruthSayer Comments (85)
 
Lets have some accountability - if someone promises you a good deal I suspect most of you would jump on it. Crucify those who designed and approved these pensions! At the same time those obligations must be cut back - sorry for those who are caught up in them - but no one to blame but those who designed them knowing or unknowing (ignorance is not a good excuse) they would not be sustainable.
2 Jul 2010, 07:55 AM Reply Like